Owning a family home is a dream for many Papua New Guineans. Due to recent rapid developments in Port Moresby and the influx of people, accommodation is a real issue, sparked particularly by the massive PNG LNG Project. The Real Estate market is faced with an economic imbalance where demand for affordable housing is not met by supply.
In recent years a few have turned their homes into rental spaces, but even renting a room or a house is still very expensive. As such, the Papua New Guinea working population have typically found that owning a home remains a dream. But thanks to some new developments close to Town, achieving the dream of owning a great home is one big step closer.
Paul Barker stated in his article on pngblogs.com that the main constraint upon affordable housing has been inadequate supply of land with secure title, either for commercial developers, institutions or individual households. Barker added that it’s not actually a land shortage, but land has been poorly administered, with inadequate and uncoordinated urban planning and rigid customary land laws.
Accommodation is not a problem for people with senior positions in public and private sectors but it is for the middle income earners. Barker stated that recent years have seen wealth distribution in PNG increasingly distorted, with the elite able to thrive on appreciating property assets, or secure relatively affordable property overseas, whilst the rest, including most public servants, struggling to find decent affordable roofs over their heads.
Recently, however, a good number of commercial developers have secured land in the outskirts of the city to build good quality homes at affordable prices. We hope to see better and greater changes in the real estate market when housing supply increases. Also, the government of the day is actively addressing the accommodation problem. On a more encouraging and positive note, the government’s intervention would at least give hard working Papua New Guineans the golden chance of a lifetime – owning a home. As we speak, at least a few are aware that the O’Neil-Dion Government has established a joint initiative with Bank South Pacific in providing the First Home Ownership Scheme (FHOS). For eligibility requirement for the FHOS and to register your interest read the Hausples FHOS blog article.
If you’re reading this and you are interested or if you have been looking for a home to buy that is of high quality and at an affordable price EDAI Town is the place to shop at. EDAI Town is one of the newest developments on the outskirts of the city. The town is conveniently situated 20km from POM CBD (Central Business District), and is 5km from the NCD border, along the economic corridor of the LNG plant site, with an excellent highway connecting it to the city. Traveling North West of the city, you go past Port Moresby Technical College, Curtain Brothers PNG dock yard and then you’re heading toward EDAI Town.
If you are considering this place, you can be assured that this development embraces safety, security and serenity as it offers affordable accommodation in a large gated and guarded compound. The Master Plan also includes space for development of amenities such as medical services, retail outlets, a hotel and petrol station. Public amenities in the Master Plan include a police station, fire station, school, market and training centre. Space has also been allocated for a church. EDAI Town embodies community living and promotes landscaped spaces within a large compound.
The home styles are provided in affordable price ranges. Hibiscus (Type A Building) is a traditional high set home (3+1 rooms), built up upper floor enclosed area of 92 sq m (square meters) plus 28 sq m of open verandah and external staircases and 70 sq m open concrete floor at ground level. Siale (Type B Building) is a modern two-storey detached home (3+1 rooms) with a built up floor area of 140 sq m. Orchid (Type C Building) is a double-storey duplex unit (3 bedrooms), each with a built up floor plan area of 90 sq m and the Bougainvilla (Type D Building) is a three bedroom double-storey town house, with a built up floor area of 88 sq m.
Early Bird Special Offers are now available with the selling price range for the house and land packages for the different home styles below:
Bougainvilla – from K268,000 – K348,000 on land size ranging from 94 sq m to 200 sq m.
Orchid – K368,000 on land size ranging from 160 sq m to 220 sq m.
Hibiscus– from K498,000 – K590,000 on land size ranging from 440 sq m to 650 sq m.
Siale – from K730,000 – K790,000 on land size ranging from 470 sq m to 875 sq m.
For more detailed information on the home styles and choice of units available with prices you can visit the Edai Town Website: http://www.edaitown.com or Click Here to see the Edai Town homes listed on Hausples.